Impact of British imperialism on Indian economy from "summary" of A Brief History of Modern India by Rajiv Ahir
The British imperialism had a profound impact on the Indian economy during the colonial period. The policies implemented by the British rulers were primarily aimed at serving the interests of the British Empire, often at the expense of the Indian economy. One of the key aspects of British imperialism was the extraction of resources from India to fuel the industrial revolution in Britain. This led to the deindustrialization of India as the British flooded the Indian market with cheap manufactured goods, thereby destroying local industries and handicrafts. Furthermore, the British imposed heavy taxes on Indian farmers and artisans, leading to widespread poverty and economic hardship. The introduction of the permanent settlement system in Bengal in 1793 further exacerbated the economic exploitation of the Indian peasantry. Under this system, landlords were given permanent rights over land, leading to the impoverishment of the peasantry. The British also implemented discriminatory trade policies that favored British manufacturers over Indian producers. The imposition of high tariffs on Indian goods and the promotion of British manufactured goods in the Indian market further weakened the Indian economy. Additionally, the British East India Company monopolized trade in India, further stifling economic growth and development. The British also exploited India's natural resources for their own benefit. The British established plantations for cash crops such as tea, coffee, and indigo, further diverting resources away from food production and causing widespread famine and poverty.- The impact of British imperialism on the Indian economy was devastating. The British policies of resource extraction, deindustrialization, exploitation of the peasantry, discriminatory trade practices, and exploitation of natural resources all contributed to the economic decline of India during the colonial period. The legacy of British imperialism continues to be felt in the Indian economy to this day, as the country continues to grapple with the consequences of centuries of economic exploitation and underdevelopment.
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